The boss of Cadogan, Chelsea’s largest landlord, hailed the family-owned property group’s “enlightened self-interest” as income grew from the group’s estate in some of London’s most exclusive areas.
Cadogan Estates, which manages the Cadogan family’s portfolio of land, including much of Sloane Street and the Kings Road, brought in £216 million of income. The value of the portfolio edged up by 3% to £5.4 billion.
CEO Hugh Seaborn said the landlord’s “enlightened self-interest” helped ensure that Cadogan was making the best long-term choices for the area.
“We've a very long-term family business and we seek to act as stewards of the area where we hold property in Chelsea,” Seaborn told the Standard. “We want to pass it on to future generations in better condition than we receive it.”
2023 included the completion of Cadogan’s largest development in 15 years, the 220,000 sq ft Gaumont, on the site of the former Gaumont Palace Theatre. The project includes offices, 47 apartments ,a rooftop bar and a 600 seater Curzon picturehouse. Initial planning approval for the proposal, featuring a smaller cinema, had been rejected in 2014 before Cadogan submitted revised proposals. The building was finished last year and Cadogan is “well advanced in marketing different elements”, Seaborn said.
Retail income grew to £96 million, but Seaborn warned that the lack of VAT-free shopping - the so-called “tourist tax” was continuing to hold back not only London’s most exclusive shopping districts, but also the wider UK.
He said: “It’s an own-goal really because it’s a deterrent for those who are here for shopping.
“But those people buy shoes made in Northampton. They buy garments made in the UK. Tourists who come to the UK buy things that are British.”
